Melco Resorts & Entertainment Ltd
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Consumer Discretionary : Hotels, Restaurants & Leisure |
Based in Hong Kong
Company profile

Melco Resorts & Entertainment Limited, formerly Melco Crown Entertainment Limited, is a holding company. The Company, through its subsidiaries, develops, owns and operates casino gaming and entertainment casino resort facilities in Asia. It is principally engaged in the gaming and hospitality business in Asia and its principal operating and developmental activities occur in over two geographic areas, which include Macau and the Philippines. Its segments include City of Dreams, Altira Macau, Studio City, Mocha Clubs, City of Dreams Manila, and Corporate and Others. It has over three casino based operations in Macau, namely, City of Dreams, Altira Macau and Studio City, and non-casino based operations in Macau at its Mocha Clubs. It also has a casino based operation in the Philippines, City of Dreams Manila. It is developing the fifth hotel tower at City of Dreams in Cotai, Macau. Its other operations also include Taipa Square Casino, Macau operating within Hotel Taipa Square.

This security is an American depositary receipt
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Closing Price
Day's Change
0.31 (2.12%)
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BAIDU REPORT: National Litigation Firm Labaton Announces Investigation of Baidu, Inc. (NASDAQ: BIDU) Relating to Its Controlling Interest in iQIYI (NASDAQ: IQ) and Strongly Encourages Investors with Losses to Contact the Firm

8:08 pm ET August 13, 2020 (BusinessWire) Print

Labaton Sucharow LLP, a leading investor rights law firm, announces it is developing a proprietary investigation concerning potential securities claims on behalf of shareholders of Baidu, Inc. (NASDAQ: BIDU) resulting from allegations that Baidu may have issued materially misleading business information to the investing public.

Baidu is a Chinese multinational technology specializing in Internet-related services and products and artificial intelligence (AI). The Baidu search engine is currently the fourth largest website in the Alexa internet rankings. Baidu founded iQIYI in 2010. Baidu held a 69.6% stake in iQIYI prior to its IPO in early 2018, and now has a 56% controlling interest in iQIYI.

On August 13, after hours, iQIYI announced:

"The SEC's Division of Enforcement is seeking the production of certain financial and operating records dating from January 1, 2018, as well as documents related to certain acquisitions and investments that were identified in a report issued by short-seller firm Wolfpack Research in April 2020 ("Wolfpack Report"). The Company is cooperating with the SEC. We cannot predict the timing, outcome, or consequences of the SEC investigation.

"In addition, shortly after the publication of the Wolfpack Report, the Company engaged professional advisers to conduct an internal review into certain of the key allegations in the Wolfpack Report and to report their findings to the Company's Audit Committee ("Internal Review"). These professional advisers have been examining the Company's books and records and undertaking testing procedures that, in their judgment, are necessary and appropriate to evaluating the key allegations in the Wolfpack Report, including accounting policy analysis, data analytics on whether the Company manufactured orders and inflated revenues and/or expenses. The Internal Review is ongoing and we cannot predict the timing for completion, outcome, or consequences of the Internal Review at this time."

On this news, after hours, Baidu was down 7.7% at $115.04.

If you are a shareholder or option holder that suffered losses in Baidu, and wish to participate, learn more, or discuss the issues surrounding the investigation, please contact David J. Schwartz using the toll free number (800) 321-0476 or via email at or

About the Firm

Labaton Sucharow LLP is one of the world's leading complex litigation firms representing clients in securities, antitrust, corporate governance and shareholder rights, and consumer cybersecurity and data privacy litigation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at

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SOURCE: Labaton Sucharow LLP

David J. Schwartz
(800) 321-0476
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